Less than a week after rolling out a major new standard for how to recognize revenue in financial statements, the rule makers are bracing themselves for implementation issues by forming of a panel to field questions and problems as they arise.
The Financial Accounting Standards Board and the International Accounting Standards Board have formed a Joint Transition Resource Group for Revenue Recognition to field questions and concerns that are expected to arise as companies dig into the details and prepare to adopt the 700 pages of revenue recognition guidance. The 19-member panel includes preparers, auditors, and financial statement users who represent a cross section of industries, geographic locations, and public and private organizations.
